The sustainable packaging market industry is projected to grow from Significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2032). Growing government measures to support environmentally friendly packaging in response to rising plastic waste in landfills is one of the main market driver driving the market's expansion for environmentally friendly packaging.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The expansion of the sustainable packaging market is largely dependent on the development and uptake of the green packaging industry. Green packaging is a major industry driver because of its environmentally friendly materials and procedures. Furthermore, the green packaging sector provides a broad range of sustainable materials, including compostable substitutes, recyclable paperboard, and biodegradable plastics, in the first component of this driver. These materials aim to minimize plastic waste, lower the carbon footprint of packaging, and encourage a more sustainable method of product packaging. In addition, the market for environmentally friendly packaging serves customers who value eco-friendly products in addition to assisting businesses in meeting changing regulatory requirements. Green packaging is a big trend in the market that offers a way to lessen the ecological impact of packaging materials and solve environmental issues. Companies are better positioned to meet the rising demand for environmentally friendly products if they make proactive investments in sustainable green packaging options. However, the market CAGR for sustainable packaging is expected to grow as green packaging solutions continue to be developed and adopted, providing consumers and businesses with a more ethical and ecologically conscious option and fostering the creation of an increasingly eco-friendly future.
Moreover, the market for sustainable packaging has a lot of potential due to the development of novel materials. Packaging solutions with a lower environmental effect and more sustainability are in greater demand as businesses and consumers become more conscious of environmental issues. By offering fresh, ecologically responsible solutions that also satisfy the demands of businesses and consumers, innovative materials can contribute to meeting this demand. Moreover, compostable, recyclable, and biodegradable plastics are more examples of inventive materials. Compared to conventional packaging materials, these materials have less of an environmental impact because they are made to decompose organically. For instance, biodegradable polymers can decompose into naturally occurring elements without harming the environment because they are derived from renewable resources. Thus, driving the sustainable packaging market revenue.
The Asia Pacific Sustainable Packaging market segmentation, based on process includes Reusable Packaging, Degradable Packaging, and Recycled Packaging. The recycled packaging category led the market in 2022. Reducing packing weight and size and using more recyclable and renewable materials are the two most common sustainable packaging solutions used by companies. Consequently, the corporation is using more cardboard and paper in its operations. It also ensures that, for future usage, the packaging is recyclable and environmentally benign.
Figure 1: Asia Pacific Sustainable Packaging Market, by Process, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia Pacific Sustainable Packaging market segmentation, based on material type, includes Glass, Plastic, Metal, and Paper. The paper category generated the most income. Paper-based packaging is easily recyclable, and most paper products can be recycled multiple times. This is in line with the circular economy's and waste reduction initiatives. Paper is an attractive material for companies looking to reduce the environmental impact of their packaging because it decomposes spontaneously and is intrinsically biodegradable.
The Asia Pacific Sustainable Packaging market segmentation, based on end user, Pharmaceutical and Healthcare, Cosmetics and Personal Care, Food and Beverage, and Other End Users. The food and beverage category generated the most income because recycled plastic is becoming more and more popular since it is inexpensive and good for the environment. Furthermore, it is projected that the personal care and cosmetics sector would increase significantly in the near future. This is because customers are becoming more ecologically conscious, which drives up demand for sustainable packaging, and the government is promoting eco-friendly packaging.
Asia Pacific is anticipated to experience the quickest growth in the sustainable packaging market over the course of the forecast period. The two most profitable markets in Asia Pacific for eco-friendly packaging options are China and India. The market is predicted to increase because of these countries' growing environmental concerns and potential customer base. The market is also growing due to the increasing presence of recycling facilities in the area that are developing cutting-edge products. Furthermore, the market's expansion in Asia Pacific is believed to be significantly fueled by the swift adoption of pro-environment laws in Asian nations and growing government backing for the use of sustainable packaging across a range of industries. Additionally, the Indian government outlawed single-use plastic in July 2022, seeing it as a necessary measure to reduce pollution brought on by improper disposal of plastic garbage. Businesses are expected to move toward sustainable packaging options as a result of this move by the Indian government. India is the most appealing market for sustainable packaging in Asia Pacific as a result of the growing food chain industry's adoption of sustainable packaging solutions to meet growing environmental concerns.
Figure 2: ASIA PACIFIC SUSTAINABLE PACKAGING MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the sustainable packaging market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, sustainable packaging industry must offer cost-effective items.
Major players in the sustainable packaging market are attempting to increase market demand by investing in research and development operations includes Amcor Limited, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Westrock Company, Ardagh Group SA, TetraPak International SA, Smurfit Kappa Group PLC, Ball Corporation, Crown Holdings Inc., Sonoco Products Company, DS Smith PLC, Genpak LLC, and International Paper Company.
April 2022: In order to recycle flexible plastics from the food supply chain and repurpose them into new, certified circular food-grade packaging, Sealed Air and other partners have announced a collaboration on an advanced recycling program.
September 2021: Sonoco and AMP Robotics, a leader in artificial intelligence, robotics, and infrastructure for the trash and recycling sector, collaborated to develop a new material category inside AMP's neural network that is tailored to rigid paperboard cans. Higher recycling rates for Sonoco and other manufacturers' spiral wound paper canisters with steel bottoms will be the outcome of this agreement.
| Report Attribute/Metric | Details |
| Market Size 2022 | Significant Value |
| Market Size 2023 | Significant Value |
| Market Size 2032 | Significant Value |
| Compound Annual Growth Rate (CAGR) | 9.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Process, Material Type, End User, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific |
| Key Companies Profiled | Amcor Limited, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Westrock Company, Ardagh Group SA, TetraPak International SA, Smurfit Kappa Group PLC, Ball Corporation, Crown Holdings Inc., Sonoco Products Company, DS Smith PLC, Genpak LLC, and International Paper Company |
| Key Market Opportunities | ·      Growing Governmental Efforts to Promote Sustainable Packaging ·      Increasing Attention from Major Players on Packaging Downsizing |
| Key Market Dynamics | ·      Growing Trend of Consumer Preferences for Eco-Friendly and Recyclable Materials ·      Increased Demand from Food and Beverage Sector |
Asia Pacific Sustainable Packaging Market Highlights:
Frequently Asked Questions (FAQ) :
The Asia Pacific Sustainable Packaging market size was valued at Significant Value in 2022.
The market is projected to grow at a CAGR of 9.00% during the forecast period, 2023-2032.
The key players in the market are Amcor Limited, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Westrock Company, Ardagh Group SA, TetraPak International SA, Smurfit Kappa Group PLC, Ball Corporation, Crown Holdings Inc., Sonoco Products Company, DS Smith PLC, Genpak LLC, and International Paper Company.
The paper category dominated the market in 2022.
The food and beverage category had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
